Sounds like a closed comedone (pimple) - a clogged pore likely due to waxes and oils from lip balms + a buildup of skin's natural oils and bacteria. Try regularly putting a spot treatment on it like salicylic acid. Squeezing closed comedones will usually only result in pain and causing greater inflammation of the spot. Try using a spot treatment for a few days until it comes to a head on its own naturally - then if you must squeeze it wait until you're in the shower and the hot water has opened the pores up.